The following description relates to online bidding systems, for example, a system and method for creating and conducting a reverse auction.
In electronic commerce, dynamic systems for commercial transactions provide a number of advantages not available in static systems. In general, a dynamic system is one in which the characteristics of potential transactions, as well as the universe of available transactions, may change over time. An online auction is an example of a dynamic system. In contrast, a static system is one in which the characteristics of a potential transaction generally do not change. An offer to sell a product at a fixed price on a company's web site is an example of a static system.
Conventional dynamic systems for commercial transactions, such as online auction sites, generally provide companies or other entities with an efficient avenue for buying and selling goods and services. For example, an auction may be opened to a much wider range of participants when conducted online. However, conventional online systems tend to be limited in flexibility, security, and/or functionality.